Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opens in the green, looking to find some footing around 2120 on the S&P and DOW 18K. Those are the first line support levels near-term. If they break, which they most likely will, a band around 2040 S&P comes into focus. That’s right at the break-even point on the year. It was breached temporarily after Brexit. It’s about 4% away from current levels. So far, the S&P is just 3% from all-time highs. Both the DOW and S&P have fallen 5 of the last 6 days. The Bank of England is holding a meeting on interest rates today. The Fed meets next week to decide on rates. Central banks continue to play a major role in global markets. Mixed economic data this morning is supporting the no hike next week. Interest rates are higher though, with the 10-Year Treasury yield above 1.7%. Apple has been very strong this week, bucking the overall trend, and clearing $110 again. Crude is higher in early trading, after a couple of tough days. The Dollar is stronger while Gold ticks down in early trading. Keep those belts buckled.
Have a great day,